Semester Results Presentation

Transcription

1 Semester Results Presentation

2 HIGHLIGHTS 11% GROWTH IN REVENUES reflecting improving performance across all our key indicators DIRECT OPERATING COSTS INCREASED 10% due to higher resort volumes and to the enhancement of the guest experience POSITIVE EBITDA at 4M SUCCESS of the capital increases as part of our recapitalization plan and debt reduction 2

3 REVENUES ( in millions) REVENUES INCREASE BY 11% REFLECTING A GROWTH OF OUR INDICATORS Real Estate Development 17-1 Other Revenues Hotels & Disney Village Theme Parks S S

4 THEME PARKS REVENUES ( in millions) GROWTH IN BOTH ATTENDANCE AND AVERAGE SPENDING PER GUEST 533 Attendance at 6.7M Average Spending per Guest at % 17 +8% 25 Others S S

5 HOTELS & DISNEY VILLAGE REVENUES ( in millions) 50,000 additional room nights sold Hotel Occupancy at 77.1% +4.8 ppt 3 4 Average Spending per Room at % Disney Village & Other 233 S S

6 COSTS AND EXPENSES ( in millions) COSTS AND EXPENSES INCREASED REFLECTING HIGHER VOLUMES OF OUR TOURIST ACTIVITIES AND OUR INVESTMENTS IN THE GUEST EXPERIENCE Resort Volumes New guest offerings & Rehabilitations Labor Marketing & sales expenses Other S S

7 INCOME STATEMENT FIRST SEMESTER VARIANCE ( in millions, unaudited) Amount % Revenues % Costs and Expenses (709.6) (644.1) (65.5) (10.2 %) Other Income n/m n/m Operating Margin (93.4) (110.8) 17.4 (15.7 %) Plus: Depreciation & Amortization % EBITDA 4.0 (23.1) 27.1 n/m as a % of revenues 0.7% (4.3%) Net Financial Charges (25.6) (25.0) (0.6) 2.4 % Net Loss (118.8) (135.8) 17.0 (12.5 %) Owners of the parent (97.8) (111.5) 13.7 (12.3 %) Non-controlling interests (21.0) (24.3) 3.3 (13.6 %) 1, related to the application of IFRIC 21 "Levies n/m: not meaningful 7

8 CASH FLOWS STATEMENT FIRST SEMESTER ( in millions, unaudited) Variance Beginning Cash and Cash Equivalents (28.7) Cash flow from operating activities (16.3) (56.7) 40.4 Cash flow used in investing activities (50.3) (67.0) 16.7 Free cash flow used (66.6) (123.7) 57.1 Cash flow generated / (used) in financing activities Ending Cash and Cash Equivalents related to the application of IFRIC 21 "Levies". 8

9 RECAPITALIZATION PLAN 1 WILL ALLOW US TO KEEP UP WITH OUR INVESTMENT STRATEGY REDUCTION of our debt by over 40% IMPROVEMENT of our cash position FINANCIAL FLEXIBILITY Required to pursue our investment strategy 1. For more information on the different steps of the recapitalization (capital increases and current mandatory tender offer), please refer to the press releases issued by the Company, which are available on the Group's website 9

10 RECAPITALIZATION PLAN SUMMARY Completed On going To come Rights Offering Debt Conversion Mandatory Tender Dilution Protection TECHNICAL FEATURES Right to subscribe 9 new shares for every 1 share held at 1.00 per share in the ED S.C.A. rights offering 351 Million shares issued with a subscription rate at 95% Conversion at TERP 1 ( 1.25 per share) 394 Million shares to be issued Offered at TERP 1 ( 1.25 per share) Offered at TERP 1 ( 1.25 per share) Available to shareholders owing at least one share the day preceding subscription period 2 A share capital of 783,364,900 total shares 1. TERP: Theoretical Ex-Price Right The number of ED S.C.A. shares a given eligible shareholder would be entitled to acquire would be determined on the basis of the lower of the number of shares held by such shareholder (i) on the settlement and delivery date of the Rights Offering and (ii) on the date of the publication by the Autorité des Marchés Financiers of the final results of the Mandatory Tender Offer (or the settlement and delivery date in case of centralization) 10

11 IMPROVEMENT OF THE BALANCE SHEET Gross Debt reduced (in M) Additional cash on the balance sheet (in M) 603 1, * September, March, September, March, 2015 Cash EoP (in M) Undrawn Credit Lines (in M) *Of which 850M from the implementation of the recapitalization plan partially offset by a 100M withdrawal from the credit line during the first quarter, before the recapitalization. 11

12 Thank you